Although the gold price fell below 2894 on Monday, the subsequent trend indicated that it was only a virtual breakout, mainly due to market selling caused by the sharp decline in the US stock market, rather than a real weakening of gold. At present, the bearish sentiment towards gold in the market is becoming increasingly strong, but we believe that we cannot simply view the current situation as a short-term top. Usually, the process of gold peaking can be completed in the short term. If it were in a true downward trend, the price would have already dropped significantly. And the current situation of continuous oscillation tends to be a correction on the way up.

From the overall bullish trend, gold shows a fluctuating upward trend with a ladder like upward movement. During the upward movement, a pullback is a normal phenomenon, and after each pullback, it often continues to break through the high. So, the current market cannot be overly bearish. It is too early to define it as the top, and we are still bullish in the medium to long term. Whether it's gold ETFs, deposit funds, or gold bars, it's recommended to stick with them.

For intraday short-term operations, we will continue to pay attention to the fluctuations in the 2922-2894 range today. In the morning session, under the pressure of 2922, you can try short selling to see a pullback and observe the extent of the Asian market pullback. If the pullback is successful, wait for the price to fall to the support level of 2900-2894 below, and then consider taking a long or low position depending on the situation. Please refer to the pre-market reminder for specific strategies.

In addition, tonight the US CPI data will be released, which is a key data related to the US interest rate cut and is expected to have a significant impact on the future trend of gold.